Crypto Price Prediction: The cryptocurrency market started the second half of March on a downtrend, with leading digital assets Bitcoin and Ethereum registering a decline of around 4% in the last 24 hours. According to Coinglass, 166,507 traders were liquidated during this decline, resulting in a total loss of $532.72 million. The most notable incident involved a single liquidation order on Bitmex for a LINKUSD trade worth $38.83 million.
The total crypto market cap stands at $2.52 trillion, down 4.27% since yesterday. The recent market downturn has had a significant impact on the altcoin sector, with leading assets seeing noticeable declines. XRP and BNB each saw a 4% decline, while Cardano saw a more significant 8% decline. Additionally, popular meme coins Dogecoin and Shiba Inu saw a decline of 9% to 11%.
However, market experts believe that such pullbacks are a common behavior of an established uptrend and are beneficial for the assets to replenish their depleted upside momentum.
Also Read: Bitcoin Consolidates Its Dominance Over Gold, Records Net Inflows of $23.6 Billion
1)Bitcoin(BTC)
Bitcoin(BTC)| Trading view
Bitcoin (BTC) is a decentralized digital currency that operates without a central authority and enables peer-to-peer transactions over a secure blockchain network. The limited supply of 21 million coins and its position as the first cryptocurrency make Bitcoin a “digital gold” among cryptocurrencies.
After hitting a new all-time high of $73,750, Bitcoin price experienced significant supply pressure, resulting in a 10% decline to the forex trading price of $66,626. In the last 24 hours, Bitcoin's current market capitalization was $1.3 trillion with trading volume of $49.3 billion.
If the bearish momentum continues, coin holders can mark $60,300 and $56,000, which coincides with the 38.2% and 50% Fibonacci retracement levels. If bullish strength manages to be restored in the correction phase, buyers could have an overhead bid at $73,750, followed by a psychological level of $75,000.
Also read: Bitcoin whales have withdrawn over 21,400 BTC from exchanges in a week
2)Cardano(ADA)
Cardano(ADA)| Trading view
Cardano is a third-generation blockchain platform known for its scientific approach and focus on security and sustainability. The aim is to create a more balanced and sustainable cryptocurrency ecosystem.
With a market capitalization of $23.8 billion, Cardano is among the eight largest cryptocurrencies and is forecasting a 24-hour trading volume of $1 billion. Amid the recent market decline, ADA price rebounded from the $0.8 resistance level and fell 17% to $0.67 in four days.
Analysis of the daily chart shows that sellers recently broke significant support at $0.68, indicating the possibility of another breakdown. The decline after the collapse could see the Cardano price fall to the $0.56 or $0.46 levels.
Alternatively, the upper resistances are hovering at the $0.68 and $0.8 levels.
Also Read: Cardano Price Analysis: Recent Downturns Pique Investors’ Interest. Will ADA reach $1?
3) BOOK OF MEMES (BOME)
BOOK OF MEMES (BOME)| Trading view
BOOK OF MEME (BOME), the Solana-based meme cryptocurrency, aims to revolutionize the Web3 landscape by combining the infectious nature of memes with cutting-edge decentralized storage solutions, offering a unique perspective on degen shitcoin trading and gambling.
After a successful presale and listing on major exchanges such as Poloniex, Bybit and Binance, the token gained widespread attention among crypto participants. According to Coinmarketcap, BOME coin has a market capitalization of $1.134 billion, making it in the list of top 100 digital assets.
At press time, BOME price is at $0.021, registering an intraday gain of 46%. If the buying momentum continues, buyers could clear the all-time high resistance at $0.3 and aim for the next psychological high at $0.4.
Conversely, immediate support hovers at $0.016 and $0.0116.
Bring away
The crypto market in a correction trend offers prime digital assets to revisit key support levels and stabilize the overextended rally. As Bitcoin price tests a healthy retracement level, the altcoin could find suitable support to return to the recovery trend.
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